TotalEnergies acquires Core Solar to boost renewables investment

TotalEnergies said on Wednesday it is acquiring Austin-based Core Solar whose portfolio includes more than 4 GW of utility-scale solar and energy storage projects at various stages of development across several the US.

“We are delighted with this new addition to our portfolio of solar projects in the US, a key region for achieving our global target of 100 GW of renewable projects in operation by 2030,” said Vincent Stoquart, Senior Vice President Renewables at TotalEnergies in a statement.

With this acquisition, TotalEnergies increases its presence within the US, where it now has a portfolio of more than 10 GW gross capacity of renewable projects in operation, in construction and in development, the company said. According to the agreement, Core Solar’s CEO Greg Nelson and his employees will join TotalEnergies’ teams.

“We are thrilled to join TotalEnergies with its unparalleled financial capability, project execution, and operational excellence,” said Nelson.

TotalEnergies has been increasing its portfolio for solar within the US. Currently it is developing 2.2 GW of projects, which was initially carried by SunChase Power. Moreover, TotalEnergies is working on 1.6 GW of projects in partnership with Hanwha Energy, which will be completed by the 4 GW of projects acquired from Core Solar.

The French company has also began developing a 3 GW wind farm off the coast of New York and New Jersey, which was awarded last February during the New York Bight auction.